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Faris Lee Closes Brea Retail Sale Despite Challenges
Faris Lee Investments closed the sale of Brea Promenade, a retail center in Brea. Senior managing director Scott DeYoung represented the seller, Nesbitt Partners Brea Venture, LTD., in the $5.15-million transaction and sourced a California based 1031 exchange buyer.
Located at 910 E. Birch St., the Brea Promenade is situated at a signalized hard corner entrance to Brea Mall and near the 57 Freeway and the Cal State University – Fullerton Campus. Despite challenges such as the property being held under a ground lease with 57 years remaining and 84% occupied, Faris Lee navigated the objections by guiding the buyer through value-add opportunity and the high in-place yield.
In addition, Faris Lee was actively involved through the escrow process, engaging the buyer’s lender and collaborating with the ground lessor to ensure a smooth ownership transition.
- ◦Sale/Acquisition




